PUBLIC FINANCE MUNICIPAL UNDERWRITING

Our success can be attributed to maintaining our client focus, leveraging BAIRD’S MARKET SHARE AND RANKINGS our top-ranked municipal underwriting desk, offering flexibility in where and how you serve your clients, and providing marketing, compliance and “Leadership, trust and teamwork have been NATIONAL LEAD MANAGING UNDERWRITER3 back-office support. Number of issues / Market share the key components for our municipal underwriting business’ success at Baird. Baird 1,090 / 11.27% Since I started in 2008, our team has grown, No. 1 underwriter Top 5 advisor based on number of issues annually based on number of issues4 Nicolaus 704 / 7.28% increasing market share while developing since 20092 Raymond James 586 / 6.06% young talent to maintain and grow our RBC Capital Mkts. 558 / 5.77% leadership in the industry.” Piper Sandler 477 / 4.93% – CHARLIE MASSARO D.A. Davidson 353 / 3.65% LEAD COMPETITIVE MUNICIPAL UNDERWRITER PUBLIC FINANCE HIGHLIGHTS K-12 EDUCATION, STATES, SPECIAL DISTRICTS BofA Securities 350 / 3.62% 1,000+ Baird has served more COLLEGES AND MUNICIPALITIES AND AUTHORITIES 325 / 3.36% than 1,000 public entities over the 312 / 3.23% past fve years UNIVERSITIES, AND COUNTIES CHARTER SCHOOLS JPMorgan 295 / 3.05% 100 Public Finance professionals

TOP MUNICIPAL HIGHLIGHTS BAIRD’S LEADERSHIP AS SENIOR MANAGING UNDERWRITER4 No. 1 underwriter for charter schools TRANSPORTATION ECONOMIC HEALTHCARE AND based on number of issues and par amount (2009–2019)3 DEVELOPMENT SENIOR LIVING Based on Par Amount 2019 2018 2017 2016 2015 No.1 Baird has been ranked the Overall 11 12 13 12 12 No. 1 underwriter for K–12 education country’s No. 1 municipal 4 based on number of issues Competitive Only 5 5 6 5 6 underwriter for 11 consecutive years.2 No. 2 underwriter based on par Qualified 1 1 1 1 1 amount for issues $100 million or less4 $100 Million or Less 2 2 6 6 7 50 STATES Top 5 underwriter based on par “Baird valued my expertise and understanding of my During the past 10 years, amount for competitive issues4 $50 Million or Less 1 2 2 2 4 business, giving me the reins to build a new sector for Baird has served municipal $20 Million or Less 1 1 1 2 2 issuers in all 50 states as the frm with the team I needed and providing all the well as Washington, D.C.4 resources and support to make it happen.” $10 Million or Less 1 1 1 1 1

– JAN BARTHOLOMEW HEAD OF TEXAS SPECIAL DISTRICT PUBLIC FINANCE 8 9